Braemar Property Value Report: January-February 2020 (Carriage Series)
Come rain, sleet, snow or quarantine for a virus epidemic, this Top Braemar Real Estate Agent is here to bring you the latest information on our neighborhood real estate market in my Braemar Property Value Reports. Today’s report focuses on Carriage homes which are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home. The floor plans, from smallest to largest, are: Maplewood, Norwood, Oakdale and Parkdale.
Looking back to the first two months of the year, there were two Braemar Carriage homes that sold. Both were Oakdale models and there wasn’t much of a difference in their final sold prices. Details of both sales are listed below:
Taking the most recent sales data and adding it to the last twelve months of Carriage home sales in Braemar, our six and twelve month data points are updated. This is where we get a glimpse at what changes are happening in our market.
Looking first at the sold price column, it is great need to see both the six month average and six month median sold prices above their twelve month counterparts. That means that Braemar Carriage homes have continued to rise in value. With the demand that our market is still experiencing, I suspect this won’t be the last tick up in value. The virus epidemic may impact our demand a bit, but I think the worst we will see in the short term is a leveling off of values.
The seller subsidy column reveals a trend that is definite, but certainly not one that favors would-be Braemar Carriage home sellers. Both the six month average and six month median seller subsidy is higher than their respective twelve month values. This means Braemar Carriage home sellers are giving more closing cost help to their buyers.
Days on market gives us conflicting information. The six month average marketing time is three days shorter than the twelve month average marketing time. Meanwhile, the six month median marketing time is two days longer than the twelve month marketing time. Neither is a big change, so it seems that the marketing time of a Braemar Carriage home is holding steady.
If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in about two weeks. Is that true during the time of quarantine? Time will tell. There is still massive buyer demand in our market thanks to the expansion of Micron in Manassas. As for seller subsidy, you could expect to give nearly 2% of the sales price in closing cost help to your buyer.
The next Braemar Property Value Report will be out in May. Hopefully, our daily lives will be back to normal by then, or at least nearing normal. The important thing is to try to protect our communities by remaining distanced until this virus gets under control. In the meantime, if you have any questions about our real estate market, or what a sale might look like for you in the near future, don’t hesitate to reach out. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate